Universal Entertainment lowers full-year forecast

The integrated resort business in the Philippines is experiencing a downturn in the VIP segment, the company says.

The Philippines.- Universal Entertainment Corporation has revised its full-year results forecast based on recent business performance. The owner of Okada Manila, through subsidiary Tiger Resort, Leisure and Entertainment, now expects a JPY14bn (US$96.08m) loss, down from a forecast JPY800m (US$5.19m) profit.

The revision foresees a 17.3 per cent reduction in forecast net sales, down to JPY124bn (US$805m). Operating profit has been revised down by 99.7 per cent to JPY50m (US$324,600). 

Universal Ent said in a filing that while the Amusement Equipments Business launched new titles largely according to plan in the first to the third quarter, the launch schedule for the final quarter has been altered due to factors including a low passing rate in the type approval test. Additionally, the company expects to record foreign exchange losses due to the appreciation of the Japanese yen against the US dollar.

“For the Integrated Resort (IR) Business, the Philippine casino market as a whole is experiencing a downturn in the VIP segment, intensified competition in the mass market, and a decline in tourist arrivals, leading to rapid market changes and a more challenging business environment than anticipated,” it said.

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See also: Okada Manila GGR down 15% in Q3

The integrated resort business in the Philippines is experiencing a downturn in the VIP segment, the company says. The Philippines.- Universal Entertainment Corporation has revised its full-year results forecast based…